TDS Returns Filing Package

An Overview – tds return filing in india

TAX DEDUCTED AT SOURCE – TDS Filing
A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed on quarterly basis and failing to which will incur penalty.
Deductor is a person / legal entity who deducts Tax & remits the same to the Government by filing TDS returns. Deductee is a person/legal entity from whom the Tax is deducted.
Tax Deduction Source is abbreviated as TDS which is a mean of collecting income tax in India. This tax deduction process is held under the Income Tax Act of 1961. This process is managed by Central Board of Direct Tax. Person deducting the tax is known as deductor and the person whose tax is being deducted is known as dedicatee. Recipient of income receives the net amount (after deducting TDS) which may be in the form of cash or cheque or credit in payee’s account.
The payee does not need to pay tax if he gives investment proof to his employer for claiming deductions and his total taxable income.